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 Letter of Commitment from other financing sources stating terms and <br />conditions of their participation in the project if applicable. <br /> Sufficient collateral. <br /> <br />c. All other information as required in the application and/or additional information <br />as may be requested by the Economic Development staff. <br /> <br />d. Project compliance with all city codes and policies. <br /> <br />e. Microloan Objectives - In addition to quality job and wage creation/retention <br />requirements, the applicant must meet all Microloan Fund criteria and <br />demonstrate how the proposed activities will meet at least one of the following <br />objectives: <br /> <br /> The project contributes to the fulfillment of the city’s approved and adopted <br />economic development and/or redevelopment plans. <br /> The project prevents or eliminates slums and blight. <br /> The project increases the local tax base. <br /> The project brings a structure into compliance with an existing building code <br />violation. <br /> <br />7. A written request for an extension shall be accompanied by a copy of current financial <br />statements and a $500 upfront processing fee. The processing fee is used to cover <br />processing expenses. The application for an extension beyond the original term should <br />include a letter of denial from a conventional lender. <br /> <br />8. The EDA Finance Committee will recommend the approval, denial, or request a <br />resubmission. A recommendation from the Finance Committee will be forwarded to the <br />EDA for recommendation of approval, denial to the City Council for final action. <br /> <br />MICROLOAN POLICY REVIEW <br />The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this <br />document are consistent with the economic development goals set forth by the city. <br /> <br />RIGHT OF REFUSAL <br />The EDA may deny any application if it is found not consistent with the goals of the city’s <br />Comprehensive Plan and Economic Development Strategic Plan and in relation to the project’s <br />overall impact on the community’s economy. <br /> <br />AGREEMENT TO PAY COSTS OF REVIEW <br />It is the policy of the City of Elk River to require applicants to pay costs incurred by the City in <br />reviewing and acting upon applications, so that these costs are not borne by the taxpayers of the <br />City. These costs include all of the City’s out-of-pocket costs for expenses, including the City’s costs <br />for review of the application by the City’s Financial Consultant and City Attorney, or other <br />consultants, recording fees, and necessary publication costs. <br /> <br />7 EDA & City Council Approved April 17, 2017 <br /> <br />